210 ADDRESS TO THE [LECT. 



gradually replaced by Latin words. The bankers in 

 Rome soon became of great importance, and the old 

 Roman comedies contain many allusions to them, not 

 always, indeed, of a very complimentary description, 

 although their professional honour stood very high. It 

 has been mentioned, as an indication of the unpopu- 

 larity of Gaulish bankers, that when the revolt of 

 Vercingetorix took place, the houses- of the bankers 

 were first attacked. But surely another explanation 

 may be given. Moreover the extortion of high interest 

 was not confined to bankers. Pompey, we are in- 

 formed, lent money at 50 per cent., Brutus, and Cato 

 himself, at 48 per cent. The rate of interest in Rome, 

 as elsewhere in ancient times, was, in fact, excessive. 

 There was, however, no legal rate till the law of the 

 Twelve Tables. It was then fixed nominally at 8f per 

 cent. Subsequently, in the time of Cicero, it was raised 

 to 12 per cent., at which it continued until it was 

 reduced by Justinian to 4 per cent, for illustrious 

 persons, for those engaged in commerce 6 per cent., 

 and 8 per cent, in other cases. We are told that all 

 money transactions were carried on through the inter- 

 vention of bankers, and that they kept the account 

 books of their customers. But, however this may be, 

 the system of banking does not appear to have been 

 very thoroughly developed, because when Cicero sent 

 his son Marcus to complete his education at Athens, he 

 wrote to Atticus to inquire if it would be possible to 

 procure a letter of credit on Athens, or whether it would 

 be necessary for Marcus to carry money with him. The 

 later Roman law contains numerous provisions relating 

 to banks. One is rather curious. It seems that if a 



